The annual report is out. Revenue ($12.8 million) and EBIT ($4.4 million) were essentially flat for the year. After accounting for the dividend paid earlier this calendar year, the company has about $7 million in net cash.

5.8 million shares at $5.65/share = market cap of $32.8 million. If the new normal tax rate is 25% and the company can keep all of the tax savings, run-rate net income is ~$3.3 million, for a p/e of about 10, and an ex-cash p/e of about 8. EV/EBIT = 6.

At the historical payout ratio, 2018 annual dividend should be around 0.45 - 0.50/share.

I am not sure I totally trust the management, but sunlight is the best disinfectant!

I said this before. When the 50%+ controlling shareholder is willing share his fortune via 9% dividend, he is not there to screw his long-term shareholders. He has every authority and incentive to stop dividends and cash out himself via salaries. But he doesn't.

Last time when he tried to reverse-split and cancelled it, you can tell he hated opportunists though.

Do you know ADVC's history, how the guy transformed the company from a Delphi-based desktop app developer to a cloud-based service?